Norcros PLC AGM Trading Statement (2195M)
27 July 2017 - 4:01PM
UK Regulatory
TIDMNXR
RNS Number : 2195M
Norcros PLC
27 July 2017
27 July 2017
AGM Trading Statement
Norcros plc ("Norcros" or the "Group"), the market leading
supplier of innovative branded showers, taps, bathroom accessories,
tiles and adhesives, issues the following trading update covering
the 13 week trading period to 2 July 2017, ahead of its Annual
General Meeting which takes place at 11.00am today at The Mere Golf
Resort & Spa, Chester Road, Mere, Knutsford, Cheshire, WA16
6LJ.
Trading Update
The Group's overall trading for the first quarter was in line
with the Board's expectations.
Group revenue for the 13 week period was 8.2% higher on a
constant currency basis compared to the same period last year and
16.8% higher in Sterling terms reflecting a stronger South African
Rand.
UK revenue was 10.9% higher than last year reflecting both share
gains and higher prices with growth across all channels,
particularly within the trade and export sectors. We continued to
experience growth in our South African business with revenue 3.5%
higher on a constant currency basis and higher by 29.7% in Sterling
terms.
Nick Kelsall, Group Chief Executive, commented:
"This performance demonstrates the benefits of our diversified
operating model with revenue growth in all UK sectors and in each
of our UK businesses, with good growth in exports and sustained
progress in South Africa. As a result of a series of management
initiatives to protect the Group's profitability following the
weakening of sterling last year and the continuing focus on organic
and acquisition led growth the Board remains confident that the
Group will continue to make progress in line with its expectations
for the current year."
ENQUIRIES:
Norcros plc Tel: 01625 547 700
Nick Kelsall, Group Chief
Executive
Shaun Smith, Group Finance
Director
Hudson Sandler Tel: 0207 796 4133
Nick Lyon
Charlie Jack
Fern Duncan
Notes to Editors
-- Norcros is a leading supplier of high quality and innovative
showers, taps, bathroom accessories, ceramic wall and floor tiles
and adhesive products with operations primarily in the UK and South
Africa.
-- Based in the UK, Norcros operates under six brands:
o Triton Showers - Market leader in the manufacture and
marketing of showers in the UK
o Vado - A leading manufacturer and supplier of taps, mixer
showers, bathroom accessories and valves
o Croydex - A market-leading, innovative designer, manufacturer
and distributor of high quality bathroom furnishings and
accessories
o Abode - A leading niche designer and distributor of high
quality kitchen taps, bathroom taps, and kitchen sinks
o Johnson Tiles - A leading manufacturer and supplier of ceramic
tiles in the UK
o Norcros Adhesives - Manufacturer of tile & stone
adhesives, grouts and related products
-- Based in South Africa, Norcros operates under three brands:
o Tile Africa - Chain of retail stores focused on ceramic and
porcelain tiles, and associated products such as sanitary ware,
showers and adhesives
o Johnson Tiles South Africa - Manufacturer of ceramic and
porcelain tiles
o TAL - The leading manufacturer of ceramic and building
adhesives
-- Norcros is headquartered in Wilmslow, Cheshire and employs
around 2,000 people. The Company is listed on the London Stock
Exchange. For further information please visit the Company website:
http://www.norcros.com/
This information is provided by RNS
The company news service from the London Stock Exchange
END
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